Promissory Note between The Innes Group, Inc. and McLellan Investment Corporation (September 7, 2011)

Contract Categories: Business Finance › Note Agreements
Summary

The Innes Group, Inc. promises to repay McLellan Investment Corporation $50,000 plus 4% annual interest. The full amount is due in three years or upon the sale of The Innes Group’s common stock, whichever comes first. If payment is late, the entire balance becomes immediately due. The Innes Group may prepay at any time. If legal action is needed to collect, The Innes Group will cover reasonable attorney fees. The agreement is governed by California law.

Read More Arrow
EX-10.6 2 exh10-6.htm PROMISSORY NOTE - MCLELLAN INVESTMENT CORPORATION. exh10-6.htm
Exhibit 10.6


PROMISSORY NOTE



US$50,000
September 7, 2011
San Francisco, California

FOR VALUE RECEIVED, The Innes Group, Inc., a California corporation, (the “Maker”) promises to pay McLellan Investment Corporation (the “Holder”), the sum of Fifty Thousand Dollars and no/cents ($50,000.00) in U.S. currency, plus interest thereon at the rate of four percent (4%) per annum.  The principal sum plus all accrued interest thereon shall be due and payable to the Holder three years (3) from the date of this Note or from the date of the sale of Maker’s common stock in a private placement or public offering, which ever occurs first.

Time is expressly made the essence of this Note and in the event the Maker fails to make payment on the due date, then the unpaid balance shall automatically become due and payable, all without notice to the Maker of this Note.

In the case of legal proceedings to collect this Note, or in the case this Note is handed to an attorney for collection, Maker agrees to pay a reasonable attorney’s fee.  Maker shall have the right to prepayment of all or any portion of this Note at anytime.

This Note will be construed under the laws of the State of California and exclusive jurisdiction and venue of any action brought by any party hereto will be state or federal courts of the State of California.


 
THE INNES GROUP, INC.
   
     
 
BY:
MICHAEL HINSHAW
   
President